Palantir Technologies Inc. CEO Alex Karp travels to Sun Valley, Idaho, USA, to attend the morning session of the Allen & Co. Media and Technology Conference on Wednesday, July 10, 2024.
David Paul Morris | David Paul Morris Bloomberg | Getty Images
Palantir Shares of the company were up about 6% on Thursday morning declare establish partnership with Microsoft Sells security cloud, analytics and artificial intelligence capabilities to the U.S. defense and intelligence communities.
Palantir, which works closely with governments to provide software for visualizing military positions and other services, will use the partnership to launch its products on Microsoft’s cloud offerings for government agencies, such as Gotham, Foundry, Apollo and AIP.
Palantir Report earnings Earlier this week, it raised its annual revenue forecast to a range of $2.74 billion to $2.75 billion, from $2.68 billion to $2.69 billion. This was higher than the LSEG consensus forecast of $2.7 billion.
Chief Executive Alex Karp said in a letter to shareholders at the time that the company’s revenue from its U.S. government business, which includes Intel and defense agencies, exceeded $1 billion for the first time in the past 12 months. The company said 54% of its revenue in the second quarter came from government customers.
Microsoft said the partnership will enable U.S. defense and intelligence organizations to build artificial intelligence tools for operational planning and logistics.
Palantir, co-founded by billionaire Peter Thiel, will partner with Microsoft to offer trial services and training courses.
Palantir shares are up about 70% year to date.
